New Delhi: Government Steps taken to prevent misuse of lower customs duty on Tuesday Duty On certain types of gold, silver And fix a drawback.
As a result, it increased the import duty on gold and silver. test results And the 5% Agricultural Infrastructure Development Cess (AIDC) on coins was increased to 15%. A cess of 4.35% has also been imposed on ‘spent catalyst or ash containing precious metals’, a notification issued by the Central Board of Indirect Taxes and Customs (CBIC) said. This is in addition to the basic customs duty of 10%.
The new charges came into effect from Monday.
Over the past few months, the industry has been complaining of a rise in imports of gold, which includes hooks, clasps and other components used to make jewellery. Now, the government has taken steps to bring the duties at par.
“We don’t think this will impact prices of these metals as actual buyers were not aware of the import duty differential, but it will certainly stop imports of findings in the short term,” said Rahul Kalantri, vice-president, commodities, Mehta Equities. Will give.”
In the Budget 2021-22, the government had imposed AIDC cess on certain commodities to finance agriculture infrastructure.
As a result, it increased the import duty on gold and silver. test results And the 5% Agricultural Infrastructure Development Cess (AIDC) on coins was increased to 15%. A cess of 4.35% has also been imposed on ‘spent catalyst or ash containing precious metals’, a notification issued by the Central Board of Indirect Taxes and Customs (CBIC) said. This is in addition to the basic customs duty of 10%.
The new charges came into effect from Monday.
Over the past few months, the industry has been complaining of a rise in imports of gold, which includes hooks, clasps and other components used to make jewellery. Now, the government has taken steps to bring the duties at par.
“We don’t think this will impact prices of these metals as actual buyers were not aware of the import duty differential, but it will certainly stop imports of findings in the short term,” said Rahul Kalantri, vice-president, commodities, Mehta Equities. Will give.”
In the Budget 2021-22, the government had imposed AIDC cess on certain commodities to finance agriculture infrastructure.